Thursday, September 30, 2010

Study: First Boomers Continue To Work Out of Necessity

A research study prepared by the MetLife Mature Market Institute for the first group of Baby Boomers to enter retirement finds that those born between 1946 and 1955 will be forgoing the tradition of a leisure-filled life; instead, their financial obligations, among other things, will encourage many of them to remain in the workforce, some indefinitely.

According to "Early Boomers: How America’s Leading Edge Baby Boomers Will Transform Aging, Work & Retirement," while, in the past, about three-quarters of men and women would be fully retired within four to five years from their 65th birthday, by the time the first Boomers approach age 70, fewer than half of those ages 65 to 69 will have retired. Among other findings:
  • over the next 10 years aging Early Boomers will result in a 50% rise in the number of people 65 to 74 years old, a growth rate for that cohort not seen in 50 years;
  • there are 1.3 million more Early Boomer women than men;
  • the labor force participation rate of Early Boomer men and women is at a 15-year high (65.2%);
  • among working Early Boomers, three-quarters of women and three-fifths of men had white-collar jobs that paid more than other jobs and were less physically demanding, which facilitates more of them staying in the workforce over the next decade.
Source: MetLife Mature Market Institute News Release (September 30, 2010)

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